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On December 30, 2020, China and the EU wrapped up seven years of negotiations, resulting in the bilateral Comprehensive Agreement on Investment (CAI). A Happy New Year's gift for both sides.rnThe announcement was made during a meet-ing between Chinese President Xi Jinping and German Chancellor Angela Merkel, French President Emmanuel Macron, President of the European Council Charles Michel and President of the European Commission Ursula von der Leyen via video link.